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Tianjin Port eyes growth after massive loss in 2009
Published on: 2010-04-13
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China-based Tianjin Port Development has expressed optimism on this year's results after incurring a $6.1 million net loss in 2009 due to the global financial crisis.


The operator of the northern Chinese port had recorded a net profit of $16.8 million in 2008.


The global economic meltdown saw a rise in throughput of empty containers and domestic trade containers, which carry lower revenue compared to international containers, according to Yu Rumin, chairman of Tianjin Port Development.


Other factors contributing to the operator's net loss last year included expenses of $8.4 million related to its $1.4 billion acquisition of 56.81% of its Shanghai-listed sister firm, Tianjin Port Company.


The acquisition cum merger has lifted Tianjin Port Development to become the operator of the world's fifth largest port and third biggest in China, behind Shanghai and Shenzhen.


The operator has a total container capacity of 12 million TEUs and 2 billion tonnes of cargo.

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